Benefit Systems

Benefit Systems S.A. Faces Challenges Amid Rising Costs and Competitive Market Dynamics

Benefit Systems S.A., a leading provider of non-pay employee benefits in Poland and other international markets, is navigating a challenging economic landscape marked by rising operational costs and fluctuating interest rates. The company, known for its flagship MultiSport card and extensive network of fitness clubs, is facing increased financial pressures due to high energy costs, which are impacting the profitability of its fitness clubs and partner facilities. Additionally, the company’s recent acquisition of Turkey’s largest fitness chain, MAC Group, has been primarily financed through debt, making it sensitive to changes in interest rates. While falling interest rates in Poland could reduce financing costs, any potential increase in rates would pose a significant challenge to the company’s financial stability.

On the employment front, the competitive labor market and declining unemployment rates in Poland are driving employers to offer more non-pay benefits, which could positively impact Benefit Systems’ business. However, any reversal in unemployment trends could dampen demand for such benefits, adding another layer of uncertainty to the company’s outlook.

Furthermore, the company has made strides in adopting ESG (Environmental, Social, and Governance) principles, including the development of a sustainability strategy and plans for decarbonization. However, it has not yet fully implemented all ESG-related practices outlined in the Warsaw Stock Exchange’s Best Practices for Listed Companies 2021, such as integrating non-financial goals into its executive compensation programs.

Despite these challenges, Benefit Systems continues to maintain a strong presence in Poland and expand its international operations, with a growing MultiSport card user base exceeding half a million across multiple countries.

Relevance: This article highlights key operational and financial challenges faced by Benefit Systems S.A., which are directly tied to its core business model and strategic expansion efforts, providing insights into the company’s current market position and future prospects.

Benefit Systems S.A. Reports Strong Financial Performance in 2025 Amid Strategic Acquisitions and Expansion

Benefit Systems S.A., a leader in non-pay employee benefits in sports, recreation, culture, and well-being, has reported robust financial results for the year ending December 31, 2025. The company achieved a consolidated revenue of PLN 4.52 billion, marking a 33% increase from the previous year. Net profit attributable to shareholders of the parent rose to PLN 570.9 million, a 27% year-on-year growth. The company's EBITDA reached PLN 1.25 billion, reflecting a 27% increase compared to 2024.

Key drivers of this growth include the strategic acquisition of the Turkish fitness market leader, Mars Spor Kulübü ve Tesisleri İşletmeciliği A.Ş. (MAC Group), for PLN 1.69 billion, which added 123 fitness clubs to the company's portfolio. Additionally, Benefit Systems expanded its presence in Poland and other European markets, opening 21 new fitness clubs in Poland and 38 abroad. The company also invested heavily in its flagship MultiSport card program and the development of its MyBenefit and Multi.Life platforms, enhancing its offerings in employee well-being and non-pay benefits.

Despite these achievements, the company faced challenges, including a PLN 26.9 million fine imposed by the Polish Office of Competition and Consumer Protection (UOKiK) for alleged anti-competitive practices. Furthermore, a provision of PLN 40.6 million was recognized for ongoing UOKiK proceedings related to consumer protection issues.

Benefit Systems also successfully raised PLN 740.1 million through a Series H share issue and issued PLN 1 billion in Series C bonds to support its expansion and acquisition strategy. The company maintained a healthy financial position, with a net financial debt to EBITDA ratio of 0.64, indicating strong liquidity and financial stability.

Relevance to Benefit Systems S.A.: The article highlights the company's strategic acquisitions, robust financial performance, and ongoing challenges, aligning with its business model of integrating sports cards with fitness club operations to enhance service quality and expand its market presence.

Benefit Systems Reports 2.65 Million Active MultiSport Cards in Q1 2026

Benefit Systems S.A. announced that the number of active MultiSport cards reached approximately 2.65 million at the end of the first quarter of 2026. Of this total, 1.87 million cards were active in the Polish market, while 714,700 were recorded in the EU international segment, and 61,600 in Turkey. This marks an increase from the 2.52 million active cards reported at the end of Q4 2025.

The growth in active MultiSport cards highlights the company's continued expansion in both domestic and international markets, reinforcing its position as a leader in non-pay employee benefits and fitness services.

Benefit Systems S.A. Registers Changes to Articles of Association and Increases Share Capital

On March 25, 2026, Benefit Systems S.A., a leading provider of non-pay employee benefits in Poland, announced that the District Court for the Capital City of Warsaw officially registered amendments to the company's Articles of Association. These changes were approved during the Extraordinary General Meeting held on March 10, 2026. As a result, the company’s share capital has been increased to PLN 3,301,042, divided into 3,301,042 ordinary shares, each with a nominal value of PLN 1.00. The amendments also reduced the contingent share capital to PLN 37,500, divided into 37,500 series G ordinary bearer shares. The updated Articles of Association reflect these changes and have been consolidated into a new unified text.

The amendments are part of Benefit Systems S.A.'s ongoing efforts to optimize its corporate structure and align with its strategic goals. The company, known for its flagship MultiSport card and extensive network of fitness clubs, continues to strengthen its position in the non-pay employee benefits market across Poland and internationally.

Relevance: The changes to the Articles of Association and the increase in share capital are directly tied to Benefit Systems S.A.'s business model, enabling the company to enhance its financial structure and support its growth strategy in the sports, recreation, and well-being sectors.

Benefit Systems Projects Improved Financial Performance by 2026

Benefit Systems S.A. anticipates a significant improvement in its financial results by 2026, with a notable reduction in the operating loss of its fitness segment in EU markets compared to 2025. According to Marcin Fojudzki, a member of the company's management board, the fitness card segment in Turkey is also expected to see a year-on-year decrease in operating losses in 2026. By 2027, the EU fitness segment is projected to contribute positively to the Group's overall performance.

This development is relevant to Benefit Systems S.A.'s business profile as it highlights the company's strategic focus on improving profitability across its international operations, particularly in the fitness and MultiSport card segments, which are core to its integrated business model.

Rising Energy Costs and Competitive Labour Market Pose Challenges for Benefit Systems S.A.

As energy prices continue to soar, operational costs for fitness clubs and sports facilities are rising, creating profitability challenges for companies like Benefit Systems S.A. The Polish company, known for its flagship MultiSport card and extensive network of fitness clubs, faces increased financial pressure due to these escalating costs. Additionally, the competitive labour market, driven by a significant drop in unemployment, is encouraging employers to offer more attractive non-pay benefits, which could boost demand for Benefit Systems' offerings but also intensify competition in the sector.

On the financial front, fluctuating interest rates in Poland are impacting the company’s debt servicing costs, particularly following its acquisition of Turkey’s largest fitness chain, MAC Group. While falling interest rates could ease financing burdens, any upward trend in rates would increase costs, potentially affecting the company’s profitability and expansion plans.

Relevance: This article highlights key external factors—rising energy costs, labour market dynamics, and interest rate fluctuations—that directly influence Benefit Systems S.A.'s operational and financial performance, as well as its ability to maintain competitive advantage in the non-pay benefits market.

Polish Companies Navigate Economic Challenges Amidst Shifting Market Dynamics

Several Polish companies have recently announced significant developments and agreements, reflecting the evolving economic landscape. Among these, Selvita SA secured funding for an AI-driven immuno-oncology therapy platform, while UNFOLD.VC ASI SA invested in ResearchTech Inc. through a SAFE agreement. ARLEN SA won a major public tender for protective clothing, and DEKPOL SA initiated a large-scale real estate project in Gdańsk. Additionally, Develia SA acquired land in Katowice for a residential project, and TESGAS SA secured a contract for gas pipeline infrastructure development. Other notable agreements include Synektik SA's sale of a robotic surgical system and Newag SA's supply of electric locomotives.

These developments highlight the resilience and adaptability of Polish businesses in navigating challenges such as fluctuating interest rates, high energy costs, and competitive labor markets. Companies are leveraging innovation, strategic investments, and partnerships to maintain growth and profitability in a dynamic economic environment.

Relevance to Benefit Systems S.A.: The article underscores the importance of adapting to economic conditions, such as labor market trends and operational costs, which are directly relevant to Benefit Systems S.A.'s business model and its focus on providing non-pay employee benefits in competitive markets.

Benefit Systems Reports Strong Q4 Results and Updates Strategic Goals Amid Market Challenges

Benefit Systems S.A., a leading provider of non-pay employee benefits, reported a net profit of PLN 159.2 million for Q4 2025, marking a significant increase from PLN 114.6 million in the same period last year. The result slightly exceeded market expectations of PLN 158.3 million. The company also announced a new dividend policy for 2026-2028, committing to distribute at least 60% of its adjusted consolidated net profit annually.

Additionally, the management board approved an updated strategy for the Benefit Systems Group, incorporating the impact of its acquisition of Turkey's MAC Group. The strategy aims to achieve consolidated revenues between PLN 6.4 billion and PLN 7 billion by 2027, reflecting the company's focus on growth and operational synergies in both domestic and international markets.

Despite broader market volatility and geopolitical tensions, Benefit Systems continues to demonstrate resilience and strategic foresight, positioning itself for sustained growth in the competitive non-pay benefits sector.

Relevance: The article highlights Benefit Systems' financial performance, strategic updates, and growth targets, which are directly tied to its core business model and international expansion efforts, including the integration of the MAC Group acquisition.

Benefit Systems S.A. Reports Strong Financial Performance in 2025 Amid Strategic Expansion

Benefit Systems S.A., a leading provider of non-pay employee benefits in sports, recreation, culture, and well-being, has reported robust financial results for the fiscal year ending December 31, 2025. According to the audited consolidated financial statements, the Group achieved revenues of PLN 4.523 billion, marking a significant increase from PLN 3.397 billion in 2024. The company’s strategic expansion, including the acquisition of Turkey’s largest fitness chain, MAC Group, contributed to this growth. The acquisition added PLN 1.373 billion in goodwill and a total purchase price of PLN 2.008 billion, financed primarily through debt. The Group’s international MultiSport card base also surpassed half a million users, reflecting its growing presence in markets such as the Czech Republic, Slovakia, Bulgaria, Croatia, and Turkey.

Despite the positive financial performance, the company faces challenges such as rising energy costs, which could impact the operational expenses of its fitness clubs and sports facilities. Additionally, fluctuations in interest rates in Poland could affect the financing costs related to the MAC acquisition. However, falling interest rates in 2025 have provided some relief in this regard.

The independent auditor, KPMG Audyt, confirmed that the financial statements present a fair and transparent view of the Group’s financial position and operations, in compliance with International Financial Reporting Standards (IFRS) and EU regulations. The audit also highlighted the company’s adherence to corporate governance and ethical standards, as well as its compliance with regulatory requirements for financial reporting.

Benefit Systems S.A. continues to leverage its integrated business model, combining the sale of MultiSport cards with the ownership and management of over 240 proprietary fitness clubs in Poland and partnerships with over 5,900 facilities. This approach ensures operational synergies and high service quality, further solidifying its position as a market leader in the employee benefits sector.

Relevance: This article highlights Benefit Systems S.A.'s financial growth, strategic acquisitions, and operational challenges, directly aligning with its business model and market expansion strategy.

Benefit Systems S.A. Adopts Dividend Policy for 2026-2028

Benefit Systems S.A., a leading provider of non-pay employee benefits and operator of fitness clubs, has announced the adoption of a new dividend policy for the years 2026-2028. The policy, approved by the company’s Management Board on March 20, 2026, outlines a commitment to recommend an annual dividend payout of at least 60% of the adjusted consolidated net profit of the Benefit Systems Group. Adjustments will account for unrealized foreign exchange differences and hyperinflation effects under IAS 29.

Key factors influencing the recommended dividend amount will include the Group’s current and projected financial position, dividends received from subsidiaries, planned and actual investment expenditures, and the level of debt and financial obligations. While the policy reflects the Management Board’s intentions, the final decision on dividend payouts will rest with the General Meeting of Shareholders. The policy will take effect starting with the profit distribution for the fiscal year ending December 31, 2025.

The Supervisory Board of Benefit Systems S.A. has expressed its positive opinion on the new dividend policy.

Relevance: This announcement is significant for Benefit Systems S.A. as it demonstrates the company’s commitment to shareholder value while balancing financial stability and investment needs, aligning with its strategic goals in the competitive non-pay benefits and fitness industry.

Benefit Systems S.A. Updates Strategy to 2027, Targets Significant Growth

Benefit Systems S.A., a leading provider of non-pay employee benefits in Poland and abroad, has announced its updated strategy for the Group, effective until the end of 2027. The strategy incorporates the impact of the acquisition of Turkey's largest fitness chain, MAC Group, and outlines ambitious growth targets.

Key objectives of the updated strategy include:

• Reaching 2.95 to 3.15 million MultiSport card users by the end of 2027.
• Expanding the fitness club network to 730-820 locations by 2027.
• Achieving consolidated revenues of PLN 6.4 billion to PLN 7.0 billion in 2027.
• Maintaining an operating profit margin of 20%-21%, adjusted for one-off events and specific financial factors related to the MAC acquisition.

The company emphasized that these targets represent intended strategic directions rather than financial forecasts or estimates. A detailed presentation of the updated strategy will be made available on the company’s investor relations website.

Relevance: This announcement is highly relevant to Benefit Systems S.A.'s business profile as it highlights the company’s growth ambitions and strategic focus on expanding its MultiSport card user base and fitness club network, while leveraging synergies from the MAC Group acquisition to enhance profitability and market presence.

Benefit Systems S.A. Reports Mixed Financial Results for Q4 2025

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced its financial results for the fourth quarter of 2025, showcasing mixed performance compared to market expectations. The company reported revenues of PLN 1,292.7 million, exceeding the consensus forecast of PLN 1,275.8 million by 1.3%, marking a year-on-year growth of 41.2%. However, EBITDA fell short of expectations, reaching PLN 347.5 million, 9.2% below the consensus of PLN 382.6 million, and reflecting a 7.9% quarter-on-quarter decline. EBIT also underperformed, standing at PLN 167.5 million, 29.9% below the consensus and showing a 30.2% quarterly drop.

Net profit attributable to shareholders was PLN 159.2 million, slightly above the consensus of PLN 158.3 million, with a year-on-year increase of 38.9%. Despite revenue growth, profitability margins declined, with EBITDA margin at 26.9%, EBIT margin at 13.0%, and net margin at 12.3%, all below market expectations.

These results highlight the challenges faced by Benefit Systems in maintaining profitability amidst rising operational costs and fluctuating market conditions.

Relevance: The financial performance of Benefit Systems S.A. directly impacts its ability to sustain and expand its flagship MultiSport program and fitness club operations, which are integral to its business model and growth strategy.

Benefit Systems Expands MultiSport Card International Acceptance, Targeting 4.2–4.8 Million Users

Benefit Systems S.A. has introduced international acceptance for its MultiSport card, granting users access to over 11,000 sports and recreational facilities across six countries. As of the fourth quarter of 2025, the company reported 2.5 million active cardholders, including 1.78 million in Poland, 680,300 in the EU segment (Czech Republic, Slovakia, Croatia, and Bulgaria), and 56,600 in Turkey. The long-term market saturation potential for the MultiSport card is estimated at 4.2–4.8 million users.

With the new international functionality, adult users with verified identities and virtual MultiSport cards in the mobile app can now enjoy seamless access to facilities abroad under the same terms as in their home country. This development aligns with Benefit Systems' strategic goals for 2025–2027, aiming to solidify its position as the leading provider of sports cards both in Poland and internationally.

The MultiSport program, which has been operating in Poland for over 20 years, is now available in Croatia, Bulgaria, the Czech Republic, Slovakia, and Turkey, marking a significant step in the company's global expansion.

Relevance: This article highlights Benefit Systems' strategic growth and international expansion, reinforcing its leadership in the non-pay employee benefits market and aligning with its business model of integrating sports card sales with facility management.

Benefit Systems S.A. Announces Extraordinary General Meeting to Address Key Corporate Changes

Benefit Systems S.A., a leading provider of non-pay employee benefits in Poland and abroad, has scheduled an Extraordinary General Meeting (EGM) for March 10, 2026, at its Warsaw headquarters. The meeting was convened at the request of Allianz Polska Open Pension Fund, a shareholder representing at least 5% of the company’s share capital. The agenda includes significant corporate matters such as changes to the Supervisory Board, amendments to the company’s Articles of Association, and resolutions on procedural and financial matters related to the meeting.

Key items on the agenda include:

• Election of a new Supervisory Board member to strengthen corporate governance and align with shareholder interests.
• Amendments to the Articles of Association to reflect updates in the company’s share capital and technical adjustments related to its incentive program.
• Approval of procedural resolutions and the allocation of costs for convening the EGM.

The proposed changes to the Articles of Association include an increase in the company’s share capital to PLN 3,301,042 and a reduction in the contingent share capital to PLN 37,500, reflecting the exercise of rights under subscription warrants issued as part of the company’s incentive program.

The meeting will also provide shareholders the opportunity to propose additional resolutions and engage in discussions on the company’s strategic direction.

Relevance: This development is directly tied to Benefit Systems S.A.'s corporate governance and operational structure, which are critical to maintaining its leadership in the non-pay employee benefits market and ensuring alignment with shareholder expectations.

Benefit Systems S.A. Announces 2026 Financial Reporting Schedule

Benefit Systems S.A., a leading provider of non-pay employee benefits and operator of fitness clubs, has released its financial reporting schedule for 2026. The company will publish its annual reports for 2025 on March 20, 2026, while consolidated quarterly reports will be issued on May 14, 2026 (Q1) and November 19, 2026 (Q3). Additionally, the semi-annual reports for the first half of 2026 will be available on August 20, 2026. In line with regulatory provisions, the company will not publish consolidated quarterly reports for Q4 2025 and Q2 2026.

Benefit Systems also confirmed that consolidated quarterly reports will include financial information, replacing separate standalone quarterly reports, as per the updated regulations from the Polish Ministry of Finance.

Relevance: This announcement is crucial for stakeholders and investors as it provides transparency and clarity on the company's financial reporting, which is essential for evaluating its performance and strategic decisions, including its fitness club operations and international expansion.

Benefit Systems S.A. Strengthens ESG Strategy and Corporate Governance Practices

Benefit Systems S.A., a leading provider of non-pay employee benefits in Poland and abroad, has reaffirmed its commitment to corporate governance and sustainability through its adherence to the "Best Practice for GPW Listed Companies 2021." The company has implemented a robust ESG (Environmental, Social, Governance) strategy, which includes annual non-financial reporting and plans to develop a comprehensive climate policy in the coming years. Benefit Systems also holds the prestigious B Corp certification, which it successfully recertified in 2023, marking its dedication to high social, environmental, and governance standards.

Despite its achievements, the company has identified areas for improvement, such as enhancing gender diversity in its management board and further integrating non-financial and sustainability criteria into its incentive programs. Benefit Systems has committed to achieving a minimum 30% representation of the minority gender in its governing bodies by 2030 and is actively working on standardizing risk and compliance management across its subsidiaries.

Additionally, the company has emphasized transparency in its investor communications, ensuring timely disclosure of financial results and maintaining open dialogue with stakeholders. While certain principles, such as electronic participation in general meetings, are not fully implemented due to the company's shareholder structure, Benefit Systems continues to prioritize shareholder engagement and governance excellence.

These efforts align with Benefit Systems' business model, which integrates the sale of sports cards with the management of fitness clubs, ensuring high service quality and operational synergies. The company's focus on ESG and governance practices supports its mission to provide sustainable and high-quality well-being solutions to its clients.

Relevance: This article highlights Benefit Systems S.A.'s ongoing efforts to enhance its ESG strategy and corporate governance, which are critical to maintaining its leadership in the non-pay employee benefits sector and ensuring long-term sustainability.

Benefit Systems S.A. Registers New Shares to Support Incentive Program

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced the registration of 25,300 Series G ordinary bearer shares with a nominal value of PLN 1.00 each. The registration, confirmed by the National Depository for Securities (KDPW) under the code PLBNFTS00174, follows the exercise of subscription warrants issued as part of the company’s conditional capital increase. This initiative is tied to the execution of the company’s Incentive Program for the years 2021-2025, aimed at motivating and retaining key personnel.

The registration process involved the deregistration of subscription warrants coded PLBNFTS00125 and PLBNFTS00166, which were converted into shares. This move underscores Benefit Systems’ commitment to aligning its corporate strategy with long-term employee engagement and performance goals.

Relevance: This development highlights Benefit Systems S.A.'s focus on incentivizing its workforce, which is critical for maintaining operational excellence and supporting its growth strategy in the competitive non-pay benefits market.

UOKiK Accuses Benefit Systems of Unfair Contract Practices

The Polish Office of Competition and Consumer Protection (UOKiK) has raised allegations against Benefit Systems S.A., accusing the company of violating collective consumer interests and employing unfair contract clauses. The charges include misleading marketing practices and lack of transparency in contract terms for sports memberships, such as the SMART and STUDENCKA PROMKA SMART offers. UOKiK claims that promotional materials emphasize attractive pricing for the first month but omit critical details, such as the 12-month commitment period without early termination rights.

Additionally, UOKiK has flagged the automatic renewal of contracts without clear consumer consent, misleading communication regarding the expiration of memberships, and clauses that increase fees upon renewal. These practices, according to UOKiK, place undue responsibility on consumers to avoid contract extensions and higher costs. If proven, Benefit Systems could face fines of up to 10% of its turnover for each disputed practice.

UOKiK is also investigating similar practices in other fitness chains, including CityFit and WellFitness, to assess transparency in contract terms and renewal policies.

Relevance: This article is significant to Benefit Systems S.A. as it directly impacts its reputation and business model, which relies heavily on subscription-based fitness memberships and consumer trust.

Benefit Systems Faces Allegations of Consumer Rights Violations

The Polish Office of Competition and Consumer Protection (UOKiK) has raised allegations against Benefit Systems S.A., accusing the company of violating collective consumer interests and using unfair contract clauses. If the charges are confirmed, the company could face penalties of up to 10% of turnover for each disputed practice and for employing prohibited provisions in contract templates. The investigation highlights potential risks for the company’s reputation and financial stability.

Relevance to Benefit Systems S.A.: These allegations directly impact Benefit Systems S.A., as they challenge the company’s business practices and could lead to significant financial penalties, affecting its operations and market position.

Benefit Systems S.A. Reports Record Growth in Active MultiSport Cards by End of 2025

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced a significant milestone in its operations. By the end of Q4 2025, the company reported a total of 2.52 million active MultiSport cards, marking substantial growth in its user base. Of these, 1.78 million cards were active in Poland, 680,300 in the EU international segment, and 56,600 in Turkey.

This achievement underscores the company's strong market position and the growing demand for its flagship MultiSport programme, which provides access to a wide network of sports and fitness facilities. The expansion in Turkey, following the acquisition of MAC Group, also highlights the company's successful international growth strategy.

Relevance: The article is relevant as it reflects Benefit Systems S.A.'s robust growth in its core business, aligning with its strategy of integrating sport card sales with fitness club operations to drive operational synergies and expand its international footprint.

Benefit Systems S.A. Issues Series G Shares Under Incentive Program

Benefit Systems S.A., headquartered in Warsaw, has announced the issuance of 25,300 Series G ordinary bearer shares as part of its 2021-2025 Incentive Program. A total of 76 participants exercised their subscription warrants (series Ł and M) and paid the issue price of PLN 617.01 per share. The issuance was conducted under the provisions of the Polish Commercial Companies Code and resolutions passed during the Extraordinary General Meeting on February 3, 2021. The rights to the Series G shares will be established upon their registration in securities accounts, and the company has submitted applications to the National Depository for Securities (KDPW) and the Warsaw Stock Exchange (GPW) for registration and trading of the shares on the regulated market.

Relevance: This development highlights Benefit Systems S.A.'s commitment to incentivizing its workforce, aligning with its business model of fostering employee well-being and engagement, which is central to its operations in the non-pay benefits sector.

Benefit Systems Acquires Majority Stake in Endorfina Group

Benefit Systems S.A. has announced the acquisition of a 51% stake in Endorfina Group and Endorfina FHU, with a projected purchase price of approximately PLN 95.4 million. The final price will be determined based on the normalized EBITDA of the companies for 2025, calculated using a single-digit transaction multiplier. This strategic move aligns with Benefit Systems’ focus on expanding its portfolio in the sports and recreation sector, further strengthening its position in the non-pay employee benefits market.

Relevance: The acquisition supports Benefit Systems’ business model by enhancing operational synergies and expanding its presence in the fitness and well-being industry, which is central to its flagship MultiSport card offering.

Benefit Systems S.A. Acquires Majority Stake in Endorfina Fitness Chain

Benefit Systems S.A., a leading provider of non-pay employee benefits and fitness services, has announced the acquisition of a 51% stake in Endorfina Group sp. z o.o. and Endorfina FHU sp. z o.o., with plans to acquire the remaining 49% by 2027. The total transaction will result in Benefit Systems owning 100% of the Endorfina fitness chain. The initial purchase price for the first stage is approximately PLN 95.4 million, subject to adjustments based on the normalized EBITDA of the companies for 2025. The price for the remaining shares will be determined based on the 2026 EBITDA results.

Endorfina currently operates 11 fitness clubs across cities such as Lublin, Rzeszów, Radom, Kielce, Częstochowa, and Starachowice, and has shown significant growth in 2024-2025. This acquisition aligns with Benefit Systems’ strategy to expand its fitness club operations in Poland.

Relevance: This acquisition strengthens Benefit Systems’ position in the fitness market, enhancing its operational synergies and expanding its proprietary fitness club network in Poland.

Benefit Systems Explores New Markets and Expansion Opportunities

Benefit Systems S.A., a leading provider of non-pay employee benefits, continues to actively analyze investment opportunities both in Poland and internationally, according to Marcin Fojudzki, a member of the company’s management board. While no acquisitions comparable to the MAC Group deal in Turkey are expected in the short term, the company remains open to strategic growth through acquisitions rather than solely relying on organic development.

The acquisition of MAC Group has encouraged Benefit Systems to consider entering new markets via acquisitions, marking a shift from its traditional approach of starting with card-based operations. Despite increased debt levels following the MAC acquisition, the company’s financial position remains secure, with a net debt-to-EBITDA ratio of 0.7x, providing room for further investments.

Benefit Systems reported strong performance in the fitness sector, with nearly 2.4 million sports cards issued across all markets by the end of Q3 2025. The company plans to add approximately 130,000 new cards in Poland and 100,000 in EU markets by 2026, alongside significant growth in Turkey. Additionally, it aims to open at least 70 new fitness clubs across Poland, Turkey, and other markets in 2026.

While the company expects operational profitability in Poland to remain stable next year, improvements are anticipated in EU markets, driven by increased card usage and the full-year consolidation of MAC operations in Turkey. However, breakeven in the EU fitness segment is unlikely before 2027 due to competitive pressures and market saturation.

Benefit Systems projects modest growth in average revenue per user (ARPU) in Poland and the EU, with no significant price increases planned. The Turkish market is expected to see accelerated card growth and improved margins, with profitability in the fitness segment anticipated by 2027.

Relevance: This article highlights Benefit Systems S.A.'s strategic focus on expansion and operational growth, aligning with its business model of integrating sports card sales with fitness club management to drive synergies and enhance service quality.

Benefit Systems S.A. Reports Strong Financial Growth and Strategic Expansion in Q3 2025

Benefit Systems S.A., a leader in non-pay employee benefits, has reported robust financial results and significant strategic developments for the nine months ending September 30, 2025. The company achieved a 30.1% year-on-year increase in revenue, reaching PLN 3.23 billion, and a 21.7% rise in net profit to PLN 412.4 million. EBITDA grew by 25.3% to PLN 902.3 million, reflecting the company’s operational efficiency and strategic investments.

Key highlights include:

• Poland Segment: Revenue rose by 16.3% to PLN 2.1 billion, driven by a 12.6% increase in active MultiSport cards (1.7 million) and the addition of 15 new fitness clubs, bringing the total to 257 clubs in Poland.
• International Expansion: The Foreign Markets EU segment saw a 27.2% revenue increase, with active MultiSport cards growing by 29.1% to 635,200. The company expanded its fitness club network in the Czech Republic, Slovakia, Bulgaria, and Croatia to 104 clubs, a 73.3% increase year-on-year.
• Turkey Segment: Following the strategic acquisition of the MAC Group, Turkey’s largest fitness chain, the segment reported a 3,954.1% revenue growth to PLN 280.7 million. The acquisition added 123 fitness clubs and 25 spa facilities to the company’s portfolio.
• Strategic Financing: Benefit Systems raised PLN 724.5 million through a share issue and issued PLN 1 billion in bonds to support its growth strategy. Additionally, it secured a PLN 1.8 billion financing agreement with Santander Bank Polska and BGK.
• Legal and Regulatory: The company paid a PLN 26.9 million antitrust fine imposed by the Polish antitrust authority (UOKiK).

Despite macroeconomic challenges such as inflation and high energy costs, Benefit Systems remains optimistic about its long-term growth potential. The company estimates the market potential for MultiSport cards at 2.5–2.8 million in Poland and 1.7–2.0 million in the EU markets.

Relevance: This article highlights Benefit Systems S.A.'s financial performance and strategic initiatives, aligning with its core business of providing non-pay employee benefits and expanding its fitness and well-being offerings across Poland and international markets.

Benefit Systems Targets Significant Growth in Sports Card Subscriptions by 2026

Benefit Systems S.A. has announced ambitious plans to expand its MultiSport card program, aiming to add approximately 130,000 new sports cards in Poland and at least 100,000 cards in non-EU international markets by 2026. The company has already surpassed its 2025 target of 280,000 cards in Poland and abroad, demonstrating strong demand for its flagship product. This growth aligns with the company’s strategy of integrating sports card sales with its extensive network of proprietary fitness clubs and partner facilities.

The announcement underscores Benefit Systems’ commitment to strengthening its market position in the non-pay employee benefits sector, leveraging its operational synergies and international expansion to drive future growth.

Benefit Systems Targets Significant Growth in Sports Card Subscriptions and Fitness Club Expansion by 2026

Benefit Systems S.A., a leading provider of non-pay employee benefits, has announced ambitious growth plans for 2026, aiming to add approximately 130,000 new sports cards in Poland and at least 100,000 cards in its European Union markets. The company has already surpassed its 2025 target of 280,000 new cards across Poland and international markets, with a total of 2.376 million sports cards issued by the end of Q3 2025.

In Turkey, Benefit Systems anticipates a significant year-on-year increase in sports card subscriptions, driven by the full-year consolidation of its MAC Group acquisition, which is expected to contribute to a positive gross margin in the Turkish market. The company also projects a low single-digit year-on-year growth in average revenue per user (ARPU) in Poland and the EU for 2026, with operational profitability in Poland remaining stable and improvements expected in the EU segment.

Additionally, Benefit Systems plans to open at least 20 new fitness clubs in Poland, 30 in Turkey, and 20 across other international markets in 2026. The company continues to explore investment opportunities both domestically and abroad to strengthen its market position.

According to Emilia Rogalewicz, a member of the management board, the growth in sports card numbers has exceeded expectations, with the company already surpassing its annual target for 2025 within the first two months of the final quarter.

Relevance: This article highlights Benefit Systems S.A.'s strategic focus on expanding its flagship MultiSport card program and fitness club network, which are core components of its business model and growth strategy in Poland and international markets.

Poland’s Interest Rate Cut Signals Limited Scope for Future Reductions

Poland’s Monetary Policy Council (RPP) has announced a 25 basis point reduction in interest rates this October, bringing the reference rate to 5.75%. According to RPP member Cezary Kochalski, this move significantly limits the potential for further rate cuts in 2025. The decision reflects the Council’s cautious approach amidst economic uncertainties, aiming to balance inflation control with economic growth.

The relevance of this development to Benefit Systems S.A. lies in its impact on financing costs. As the company financed its acquisition of Turkey’s MAC Group primarily through debt, lower interest rates could reduce borrowing costs, positively influencing profitability and expansion strategies.

Polish Currency Weakens Against Dollar as Bond Yields Decline

Poland's currency, the złoty, ended the week weaker against the US dollar, depreciating by approximately 1.6%. Meanwhile, domestic government bond yields fell by 5-10 basis points over the week. Analysts suggest that unfavorable factors for the dollar could emerge, potentially driving the USD/PLN exchange rate toward 3.60. In the coming weeks, further declines in yield curves by 10-15 basis points are anticipated.

Relevance to Benefit Systems S.A.: Falling bond yields in Poland could lower financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey's MAC Group, positively impacting its financial stability and growth strategy.

Polish Central Bank Signals Limited Room for Interest Rate Cuts Amid Fiscal Constraints

Adam Glapiński, President of the National Bank of Poland (NBP), stated during a press conference that while fiscal policy constraints limit the scope for interest rate reductions, they do not entirely eliminate the possibility of future cuts. Glapiński emphasized that Poland's economic conditions, including inflation trends and fiscal stability, will play a critical role in determining the trajectory of monetary policy. The remarks come as Poland navigates a complex economic environment marked by global uncertainties and domestic fiscal challenges.

Relevance to Benefit Systems S.A.: Changes in interest rates directly impact financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey’s MAC Group. Lower interest rates could reduce financial burdens, improving profitability and enabling further expansion.

Poland Reduces Interest Rates Amid High Economic Pressures

Poland's Monetary Policy Council has announced a 25 basis point reduction in all National Bank of Poland (NBP) interest rates, bringing the reference rate down to 4.50%. Despite this adjustment, Finance and Economy Minister Andrzej Domański emphasized that interest rates in Poland remain high, benefiting banks with record profits. He also addressed the government's proposal to increase the corporate income tax (CIT) for banks from 19% to 30% in 2026, with gradual reductions to 26% in 2027 and 23% in 2028. The tax hike is expected to generate an additional PLN 6.6 billion in 2026 and PLN 23.4 billion over the next decade. Domański warned against banks passing the increased tax burden onto customers and assured that regulatory bodies would intervene if necessary. He also expressed skepticism about the feasibility of introducing a four-day workweek in Poland.

Relevance to Benefit Systems S.A.: The reduction in interest rates could lower financing costs for Benefit Systems S.A., particularly in relation to its debt-financed acquisition of Turkey's MAC Group, potentially improving the company's financial position amidst high operational costs in the fitness sector.

Group Layoff Plans Affect 89,500 Employees in Poland from January to September

Poland's Ministry of Family, Labour, and Social Policy reported that employers planned group layoffs affecting 89,500 employees between January and September 2025. In September alone, 28 companies announced intentions to lay off 2,000 workers, marking a 44.9% decrease compared to the same month in 2024. The highest layoff notifications originated from the Silesian (24.8%), Greater Poland (21.2%), and West Pomeranian (12%) regions.

Notably, 65% of these notifications involved changes to employment terms rather than definitive dismissals. The ministry highlighted that a significant portion of layoffs stemmed from Polish Post, skewing overall statistics and not fully reflecting the broader labour market conditions. Despite challenges in certain sectors, major urban areas like Warsaw, Kraków, Wrocław, and Łódź continue to offer abundant job opportunities, ensuring relative stability in local labour markets. The registered unemployment rate in September stood at 5.6%, a slight increase of 0.1 percentage points from August.

Relevance to Benefit Systems S.A.:The rise in unemployment and layoff plans could reduce demand for non-pay employee benefits, such as the MultiSport card, as companies may cut costs in response to economic pressures.